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Investors of Berkshire Hathaway should be thankful to Ajit Jain, who made more money for shareholders than anyone else, says Warren Buffett, the Oracle of Omaha. Jain, who met Buffett in 1985, is an Indian-born employee of the company, who heads several reinsurance businesses. He graduated from the Indian Institute of Technology in 1971 with a degree in mechanical engineering. While addressing the 53rd Annual General Meeting of Berkshire Hathaway, Buffett said: “Nobody would possibly replace Ajit Jain if he were to leave or retire. There are things which only he can do.

The 50th edition of Warren Buffett's annual Berkshire Hathaway meeting kicks off in Omaha this weekend, and behind all the quirky events and exhibits is one event planner who Buffett calls his "ringmaster."

Warren Buffett’s likely successor comes armed with a University of Alberta business degree, a legendary hockey connection — and a penchant for dealmaking.
Edmontonian Greg Abel heads Berkshire Hathaway Energy division, which accounts for 21% of the conglomerate’s revenues and just over 9% of its earnings.
In a letter to shareholders last weekend, Berkshire Hathaway Inc.’s vice-chairman Charlie Munger identified Mr. Abel, 52, and Ajit Jain, 63, as the two candidates most likely to become CEO of the US$365-billion corporation, ” if Buffett left tomorrow.”

By Bhuma Shrivastava General Re, a unit of Warren Buffett’s Berkshire Hathaway Inc. which won a license to open an Indian office in May, is seeking a larger slice of the world’s fastest-growing reinsurance market. The unit plans to expand in health and life insurance, as well as explore opportunities in property and casualty cover, said Venkatesh Chakravarty, chief executive officer of General Reinsurance AG India Branch. The plan is to help clients develop new products, distribution channels and enter newer market segments, he said in an interview.

Warren Buffett promised a hefty annual letter this year — some 20,000 words — as he celebrates his 50th anniversary running Berkshire Hathaway Inc. and charts its next half century.
The report, which is usually closer to 14,000 words, has long been a must-read on Wall Street — full of homespun wisdom about investing and business. The contents are a closely guarded secret before the release as Buffett, 84, exchanges drafts with retired Fortune magazine writer Carol Loomis.

REUTERS/Carlos BarriaWarren Buffett, chairman of Berkshire Hathaway, had high praise for his colleague Ajit Jain, who handles Berkshire's insurance operations, in his latest letter to shareholders.
"Ajit has created tens of billions of value for Berkshire shareholders," Buffett wrote. "If there were ever to be another Ajit and you could swap me for him, don't hesitate."